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I am trying to educate myself as much as much as possible on this mortgage deal but I find myself so lost LOL....I see all these different types of loans how do I know what is best for me. My husband and I make a joint income of approx 65k. We will be buying our first home, his credit is all clean however is very thin because he is a new resident. My scores are in my siggy but at the time of purchase should be at least 700. We plan to keep that home forever unless something radical happens. We can put maybe about %5 down ?? any help?
oh and we definitely want a fixed rate
Without getting into the details:
- Lowest payment, shortest term
Well you know you want a fixed rate. Good choice!
Can you swing your prospective mortgage and live comfortably with a 15, 20 or 30 year payment structure? With us, I'm approved for $260,000. If I take out a loan for $260K, I will have to go with a 30 year fixed. If I score a home that's $180 to $200K, I can probably swing the 15 year loan.
It would b a 30 yr term and we are looking between 100k-120k. In north Georgia
My broker preapproved me for a 5% LTV 30 year mortgage because that's the one that worked best for me, given the unknown variables of my situation. In my case, that's how much my current home will sell for. I need that profit to put down on the next house. Everyone has different circumstances and parameters.
I'm "pro" mortgage broker, that way I have a professional on my side letting me know my options. Do you have one? He or she should be able to fit a mortgage best for you.